This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become accessions. Goods are considered accessions when they are installed in or affixed to other goods. The document outlines the superior interests of lessors and lessees under lease contracts entered into before or after the goods became accessions. These interests are generally superior to subsequently acquired interests in the whole, except for certain exceptions.

Nothing in this article prevents subordination by agreement by any person entitled to priority. History: 1991 c 171 art 1 s 7

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs lease contracts. It imposes an obligation on each party to ensure that the other party’s expectation of receiving due performance is not impaired. If reasonable grounds for insecurity arise regarding the performance of either party, the insecure party may demand adequate assurance of due performance in writing. Until such assurance is received, the insecure party may suspend any performance for which they have not already received the agreed return, if commercially reasonable.

This legal provision, found in the Minnesota Statutes under the Uniform Commercial Code, pertains to lease contracts and anticipatory repudiation. If one party repudiates a lease contract for a performance that is not yet due and the loss of that performance substantially impairs the value of the lease contract for the other party, the aggrieved party has several options. They can await retraction of the repudiation and performance by the repudiating party for a commercially reasonable time, make a demand for assurance of future performance, or resort to any right or remedy upon default under the lease contract or this article.

(1) Until the repudiating party’s next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has canceled the lease contract or materially changed the aggrieved party’s position or otherwise indicated that the aggrieved party considers the repudiation final. (2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under section 336.

(1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and accepted. (2) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation: (a) the lessor may withhold or stop delivery or cause the supplier to withhold or stop delivery unless the lessee provides a means or manner of payment that is commercially a substantial equivalent; and (b) if delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the lessee’s obligation unless the regulation is discriminatory, oppressive, or predatory.

This legal provision, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, pertains to excused performance in lease contracts. It states that if a lessor or supplier is unable to deliver or delays delivery due to an unforeseen contingency or compliance with governmental regulations, it will not be considered a default under the lease contract. The lessor or supplier must allocate production and deliveries among customers in a fair and reasonable manner.

(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under section 336.2A-405 , the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (section 336.2A-510 ): (a) terminate the lease contract (section 336.2A-505 (2)); or (b) except in a finance lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.

(1) In the case of a finance lease, the lessee’s promises under the lease contract become irrevocable and independent upon the lessee’s acceptance of the goods. (2) A promise that has become irrevocable and independent under subsection (1): (a) is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and (b) is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.

This legal document pertains to lease contracts and applies to both lessors and lessees. It determines whether the lessor or the lessee is in default under a lease contract based on the lease agreement and this article. If either party is in default, the party seeking enforcement has rights and remedies as provided in this article and the lease agreement. The party seeking enforcement may reduce their claim to judgment or enforce the lease contract through self-help or available judicial or nonjudicial procedures.